Martin Lewis issues credit card warning and the ‘core weapon’ to use and beat high interest charges [Video]

MARTIN Lewis has warned credit card holders to take advantage of a “core weapon” to avoid high interest charges.

The founder of MoneySavingExpert.com (MSE) is urging people with credit card debt to cut their repayments.

In the latest MSE newsletter, the consumer champion said: “The average credit card interest rate for purchases has jumped four percentage points over the last year.

“Now it’s a shocking 34.7% (so £347 interest on £1,000 static debt over a year), according to financial information site Moneyfacts.

“So check what you’re paying now – frankly, if it isn’t 0%, you need to see if you can fight it.

“The core weapon is a balance transfer.

“That’s when you get a new cardthat pays off debt on your existing card(s), so you owe it instead but at 0% interest—this means your repayments clear the actual debt, …